New investments in exchange forCyprus passports tend to decline, possibly as a result of the introduction ofnew strict rules applied under pressure from the European Union (EU), a programspokesman said Friday.
Kyriakos Kunduros, director ofthe town planning department of the Ministry of the Interior, told the CypriotStockwatchCy website that the amount of new investment had droppedsignificantly compared to the two previous years. “New measures taken by thegovernment in May to pacify the problems of the European Union lead to a delayin processing applications, and this may lead to less investment in return forpassports,” said Kunduros.
Finance Minister Harris Georgia,in a rare public statement on this issue, said in February that between 2013and the end of 2018, the government approved 1,864 applications fortransactions totaling 6.6 billion euros.
Most investors were Russians, whofocused on the southern city of Limassol, and the Chinese, who showed greatinterest in investing in the western tourist city of Paphos and, to a lesserextent, in Limassol.
Kostas Hadjipanayotou, directorof the Department of Environmental Protection of the Ministry of Agriculture,said that there are several applications for consideration, but added that nonew applications have yet been received. His department is involved in theprocess, as each transaction must meet environmental criteria.
George Muskides, President of theReal Estate Owners Association, said he believes that the downward trend inreal estate investment is a broader trend affecting investments not only inCyprus, but also in many other countries. “The new strict rules applied sinceMay, probably have a negative impact on those who are interested in obtaining aCyprus passport. But we have to wait until the end of the year to be sure ofthis, ”he said.